Stocks end mixed in volatile trade

The Dhaka Stock Exchange (DSE) ended mixed amid volatility on Wednesday with the benchmark DSEX index edging higher amid volatility.

The index went down in the red briefly in the morning and remained range-bound before closing marginally higher as the investors were unable to figure out the market behaviour going forward in the face of the steepest sharp fall and rise seen this week, dealers said.

At close, the DSEX index settled at 7,011, rising slightly 6 points or 0.08 per cent, hitting a low of 6,991 and a high of 7,065.

The Shariah-based DSES index was 1 point or 0.06 per cent to 1,481 while the blue-chip DS30 index declined 17 points or almost 0.65 per cent to 2,644.

The market sentiment remained negative due to some factors, including the growing communal tension, rising dollar price against the local currency and regulatory move against share price manipulators, traders say.

Gainers also took a marginal lead over the gainers as out of 375 issues traded, 134 stocks closed higher, 118 declined and 29 remained unchanged.

Investors bet on stocks of the companies which are expected to declare corporate declarations in days to come.

The prime bourse started with an enthusiastic note with the Bank sector dominating the trading board but during the mid-session, most of the sectoral stocks faced mild correction since investors are not confident enough to invest fresh funds

The investor’s participation increased as the DSE turnover stood at Tk 1,497 crore, up by 7.96 per cent from Tk 1,386 crore recorded in the previous session, backed by bank, pharma and miscellaneous. The three sectors made up around 40 per cent of the total trade.

Most of the sectors observed positive returns driven by general insurance (4 per cent), paper (3.7 per cent), and tannery (3.5 per cent). Food, IT, and financial institute faced the highest price corrections. Most of the stocks exerted positive returns.

Olympic Accessories was the top gainer hitting the upper limit circuit breaker at 10 per cent ahead of its corporate declaration. GBB Power came second surging 9.92 percent, followed by AFC Agro Biotech, Asia Insurance, Zaheen Spinning and Nurani Dyeing and Sweater.

Mir Akhter Hossain was the top loser losing 9.38 per cent following the corporate declaration, followed by Coppertech Industries, Agni Systems, Bangladesh Welding Electrodes, Aramit and Deshbandhu Polymer.